What’s in a Name? The Business Value of YOU
In a significant move last year, the NCAA decided to allow individual athletes to profit from their own name, image, and likeness. While you may not be a superstar on the court, you might be able to “bank” on your name, too. If you’re a business owner, it’s a worthwhile consideration because it can drive […]
Surprise Nonpayment Notice? Mail Delays and Your Taxes
The IRS had up to 12 million pieces of unopened mail at one point this summer. That mail may have included your tax payment. And while that backlog is painstakingly sorted, you may have been shocked to receive a nonpayment notice along with threats of penalties and late fees. “If a taxpayer mailed a check […]
Feds Now Prosecuting PPP Loan Fraud
For those who received PPP money during the pandemic and misused it, the time of reckoning is already here. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. As the Los Angeles Times reports, these first cases involve “blatant fraud” by small businesses and individual business owners, not […]
IRS “Wealth Squad” to Audit Hundreds by October
The IRS is back to business, conducting new examinations of tax returns and enforcing collections. A top priority? It intends to audit hundreds of high-net-worth taxpayers by September 30, 2020. The audits will be conducted by the agency’s Global High Wealth Industry Group (GHW) of the Large Business & International (LB&I) Division. It involves a […]
Syndicated Conservation Easements Get Complicated
Designating conservation easements on property can be a great way to preserve land while gaining a valuable tax break. But the IRS is cracking down on abuses of this practice by partnerships and individuals who have invested in syndicated conservation easements. If you’re an investor who took tax deductions on donations of conservation easements through […]
Eldercare and Your Taxes
Have you suddenly become a caregiver for a family member as care facilities are in lockdown? Don’t forget the critical tax deductions that could be waiting for you. As nursing homes and eldercare facilities have been in lockdown this year, you may have suddenly taken on primary caregiver responsibilities for a loved one. It’s a […]
It Still Pays to Build Green
Tax cuts have been extended for developers of renewable energy projects that have been delayed by the pandemic. The COVID-19 pandemic has held up many construction projects, including those that develop renewable energy. For this reason, the U.S. Treasury Department and IRS have modified the beginning of construction requirement for both the production tax credit […]
Tax Changes for Property Improvements and Business Losses
Some long-awaited great news for commercial property and business owners: The CARES Act that was passed in response to the COVID-19 pandemic includes technical corrections and additional modifications to the 2017 Tax Cuts and Jobs Act. If you’ve made commercial property improvements or have experienced passive activity losses or net operating losses, take a close […]
PPP Loan Forgiveness: Critical Steps to Take
(Updated as of June 16, 2020) The SBA revised the PPP loan forgiveness application and introduced an EZ form for certain qualifying businesses including those who are self-employed and those who did not cut back employee pay by more than 25%. In addition, for businesses that received the PPP loans before June 5, both forgiveness […]
Making Coronavirus Goods? Here Are the Tax Implications
Small businesses have truly stepped up to the challenge of turning the COVID-19 crisis from a potentially door-shuttering event to an opportunity to step up, help out, and stay afloat. Distillers have been making hand sanitizer, clothing and textile manufacturers have been making face masks, and auto manufacturers are producing face shields. These pivots are […]